“It’s not what you get…it’s what you keep that counts”

Jim Boom owns a small funeral home. The business is a “C” Corporation. He owns the real estate separate from the corporation. Combined as one entity the business and real estate are worth about $500,000. Fortunately for Jim the real estate is worth $700,000 if used for other purposes. He is lucky and finds a buyer for the corporate name, goodwill, files and phone number for an additional $200,000. He now expects to reap $900,000 at the sale but…